Valuing DAOs: What is Axie Infinity Really Worth?

Friends with Benefits, the popular DAO with a $114 million market cap, has local channels for SF, Berlin, NYC, Asia & Australia, Miami, Canada, Lisbon, Paris, and more. Axie Infinity was started by a small team in Vietnam and is on track to do $1 billion in revenue, shake up the business model of gaming, launch the x-to-earn movement, and change em... See more

The most famous example is Axie Infinity. In order to play, prospective gamers have to buy or rent an Axie from an existing player. The game economy works because new players buy Axies from old players in hopes of reselling those Axies to newer players who join after them. 

Axie’s economy has two tokens—two in-game currencies that underpin the Axie economy. The first is Axie Infinity Shards, or AXS, which is Axie’s governance token.